Internet of Things (IOT) In Healthcare Market Overview
Internet of things is spreading their wings in every sector and healthcare is one of them. Internet of things offers various benefits in healthcare sectors such as improved medical care, reduced overall cost, better efficiency and also minimized human errors. Moreover, internet of things in healthcare is also improving relation between patient and doctor by offering better communication medium. Internet of things in healthcare sector has been helping hospitals and clinics to keep their patient safe and healthy. Further, hospitals and clinics can use internet of things to keep track of inventory. Fetal monitors, electrocardiograms, temperature monitor, blood and glucose level monitor are some of the important internet connected devices which have helped the doctors enormously to keep their patients safe and healthy.
Market Size & Forecast
Global internet of things in healthcare market is anticipated to flourish at a compound annual growth rate (CAGR) of 32.2% over the forecast period i.e. 2017-2024. The global market of internet of things in healthcare stood at revenue of around USD 42.7 Billion in 2016 and is expected to reach at a valuation of about USD 162.2 Billion by the end of 2024. Increasing expenditure in healthcare sector and technological advancement in internet of things are some major factors which are fostering the growth of global internet of things in healthcare market during the forecast period.
In terms of region, global internet of things in healthcare market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, North America is dominating the global market of internet of things in healthcare due to the availability of advanced medical healthcare sector and higher healthcare expenditures in the region. Further, North America region is expected to retain its leading position over the forecast period.
Asia Pacific region is expected to be the fastest growing market of internet of things in healthcare over the forecast period. This rapid growth of Asia Pacific region can be attributed to factors such as increasing disposable income of consumers, expanding investment in research & development of healthcare sector and emergence of new advanced IT-healthcare services in this region. India and China are expected to be major contributors to the growth of internet of things in healthcare due to increasing medical tourism and rising demand for smart wearable medical devices.
Our-in depth analysis of the global internet of things in healthcare market includes the following segments:
Global smart wearable device market is further classified on the basis of region as follows:
Growth Drivers & Challenges
Global internet of things in healthcare market is primarily driven by the factors such as increasing expenditures in research and development of healthcare sector and increasing disposable income of the consumers. Further, rising demand for internet of things in health care sector due to their beneficial abilities such as batter care of patients and tracking of inventory coupled with technological advancement in internet of things are expected to foster the growth of global internet of things in healthcare market over the forecast period. Additionally, increasing penetration of critical diseases like cancer is propelling the demand for internet of things in healthcare sector in order to provide better treatment to the patients. Moreover, use of internet of things in medical processes like telemedicine and impatient monitoring are expected to propel the growth of this market in near future.
Further, rising adoption of smart devices including smart wearable medical devices, health tracking devices is likely to foster the growth of internet of things in healthcare market in near future.
However, lack of governance standards in internet of things and skilled internet of things technicians are expected to hinder the growth of internet of things in healthcare market. In addition to this, internet of things in health care comprises of number of internet connected things which receive and transmit data in real time. Moreover, lack of data standards and data security related issues are some major factors which are hampering the growth of global internet of things in healthcare market.
Scope & Context
Overview of the Parent Market
The global internet of things in healthcare market is segmented as follows:
Supply & Demand Risk
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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